Mr. and Mrs Jones divorced in 1998. The property settlements stated Mr. Jones ke

Question

Mr. and Mrs Jones divorced in 1998. The property settlements stated Mr. Jones kept possession of the couples forty acres out side of town valued at $100,000 but if he ever sold it, Mr. Jones would receive half value of the property. Mr. Jones remarried. In 2017, Mr. Jones passed away. The property went to Mrs. Jones II in the estate of Mr. Jones. Because of urban sprawl, the property was worth $1,000.000.

Does Mrs. Jones II owe Mrs, Jones I any money? Was this a sale that triggered the property settlement agreement? If so, does she owe half of the price in 1998 or the price in 2015? Tell us why?

Explanation / Answer

Yes he owes it as per agreement. Yes it triggered property settlement agreement. She owes price in 2015. The reason is she she will receive half value of property and as per agreement her share is not fixed as per, 1998 price

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